The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Baidu, Inc. (NASDAQ: BIDU) who purchased shares between April 8, 2016 and August 13, 2020. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Baidu lawsuit alleges that (1) Baidu misrepresented the financial and business condition of iQIYI; (2) iQIYI had inadequate controls; and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until October 19, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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